- Bitcoin price rose above the 50-day SMA but has entered a consolidation phase.
- The price of BTC is $70,645 today, a 0.1% increase in the past 24 hrs and a 5.7% increase in the past 7 days.
- Bitcoin supply shock on exchanges and the increasing FOMO on Bitcoin halving event may send Bitcoin price above $80,000.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 50.5% ⬆️
- Bitcoin Market Cap: $1.390 trillion ⬇️
- Total Supply: 21 million
- Circulating supply: 19.680 million ⬆️
Previous Bitcoin Price Analysis
Last week Bitcoin price on the 4-hour chart showed some indecisiveness and was hurdled between the 50-day moving average and the 200-day moving average.
If the bears won the tug, the price of Bitcoin would drop below the 200-day SMA support, ushering in an extended bear market.
However, the bullish momentum superseded the bears and BTC price surged 7.87% to hit a high of $72,756.
Several factors including the nearing Bitcoin halving event, and the looming supply shock on exchanges may have contributed to the price increase.
Heavy Support and Strong Fundamentals, BTC Eyes $80,000
Bitcoin price is looking extremely bullish with the 50-day and 200-day SMAs providing strong support underneath.
Some key support levels to watch out for include $65,481, $61,603, and $58,696. If BTC price breaks below the 50 and 200-day SMA supports, these levels would provide additional support to the price action.
On the positive side, the buy-the-rumor event surrounding the upcoming Bitcoin halving may cause BTC to surge even higher,
Some key resistance points to look for include $72,226, $75,173, and $79,071.
President Biden confirmed that according to the CPI data for US inflation, the much-anticipated rate cuts could be delayed further.
The interest rates have been rising since the Covid-19 pandemic and hit an all-time high of over 5%.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.